The report shows that this financial change is down to lower home-ownership rates in early adulthood, less access to generous final salary-type pension schemes, and stagnant wages since the financial crisis.

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Andrew Hood, an author of the report and a research economist at the IFS said: 'By the time they hit their early 30s, those born in the early 1980s had about half as much wealth as those born in the 1970s did at the same age.'

'Sharp falls in home-ownership rates and in access to generous company pension schemes, alongside historically low interest rates, will make it much harder for today's young adults to build up wealth in future than it was for previous generations,' said Andrew.

Ashley Seager, co-founder of the Inter-generational Foundation, said: 'We are not at all surprised by these findings.

'Britain has for decades seen widening inequality between the young and the old. Britain needs radical action on housing, pensions, student debt and a host of other issues to prevent young people being totally ripped off.'

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